when president obama said i have cut $1 trillion already in spending. that was part of last summer's budget deal. but he says that i am willing to do a lot more cuts in spending. you have a willingness to do spending cuts, a willingness from john boehner to raise revenues. however, we have been stuck on the details of this thing for the past two weeks here. the past three weeks or longer. the white house is putting an offer on the table. they were far apart in spending cuts. our part in revenues and the way they do increase tax revenues. republicans say no to any tax rate increase. how speaker john boehner says they will do it by limiting deductions next year. what the white house wants is an immediate tax rate increase on families earning more than $250,000 per year. they have been going round and round. there has been incredibly little progress in washington since the offers officers were first treated. with respect you could start to run up to christmas here. it could take up to three days to get something through the senate. republicans have to sell it to house republicans. democ

potential closing around 32.5. david: very good to see you. liz: president obama met with ceos head of the looming deadline for tax cuts and spending cuts. david: a fiscal deal could be reached in a week. rich edson with the latest. it was an off the record meeting. this is a meeting that affects all of us. speak of the business roundtable says all the meetings are off the table and they have the initial remarks live and available to the press. in that the president did say we could settle this issue in a week if republicans relent on their position for taxes. offering $800 billion in tax revenue, coming from only closing loopholes and seductions, no to a tax rate increase for the president says it is making $250,000 or more, tax rates are going up. >> we will not raise them just out of spite, but rather because the need to raise a certain amount of revenue. >> the president doesn't agree with our proposal and our outline, think he has an obligation to send one to the congress. and a plan that could pass both chambers of commerce. if you look at the plans the white house has talked about t

. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to c

. citigroup announces major layoffs, cutting 11,000 jobs. is this a sign of things to come in corporate america? >> tom: i'm tom hudson. president obama tries to win over top business leaders, warning republicans are holding the global economy hostage over the fiscal cliff. >> susie: and apple shares get of the most widely owned stocks sees heavy trading. >> tom: that and more tonight on "n.b.r." >> susie: big job cuts today at one of the nation's biggest banks. citigroup announced it's slashing 4% of its staff; that works out to 11,000 jobs worldwide. the cuts will save the bank more than $1 billion a year in expenses. but they won't be cheap, resulting in a billion-dollar charge against fourth-quarter earnings. is this gloomy news from citi the beginning of other companies doing the same? suzanne pratt reports. >> reporter: 11,000 jobs are a lot of layoffs, even for a bank as huge as citi. and there could be more. that's because the monster firm is still struggling to recover from the great recession even though it has fired a lot of other workers in the last few years. the

: with no compromise in sight for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour"

cliff. gerri: with the defense cuts come if we do over the cliff, it will cost $100 million or over that? >> 137 million. gerri: would this put you into the red? >> it certainly could. we are still looking at obama's health care plan and what it will do to the state budget. the federal strings are tied. i asked the president about this. the federal funds that come down to the state as you may cuts -- we can still have the strength attached to it. it doesn't give leeway to meet your unique circumstances in our state. we are all different. different budgets, different employment rates, different constitutions, different laws. different styles of living and means within our budget. give us some flexibility. gerri: i expect you to be a little bit more upbeat about the fiscal cliff, but i have to tell you, you sound like a lot of people in washington today. concerns over whether these leaders can get together and find common ground and resolve this issue. it would be meaningful to stay like yours. governor, thank you so much for coming on. >> thank you, gerri. gerri: it's not just politi

. republicans want it abolished or current rates to be made permanent. obama wants 45% rate and 3.5 million cut off. that mid way between today's rates and old rate. the problem is that even some democrats are siding with republicans saying they want it keep current rates. all the sides here tyler remain very far apart. wealthy families need 20 rewrite their wills and charity plans. for the country, there are hundreds of billions of dollars at stake. under old rates, they raise $532 billion by 2021. obama plan raised around $270 billion, about half. gop raises about $161 billion. the fight over taxing the rich, especially in the estate tax, is far from over. back to you, tyler. >> not the first time the estate tax has come up in these kinds of negotiations. in 2010, the estate tax was zero for that year. the people who passed way in that year had nothing subject to tax. let's talk about the guy who might eventually be interested in the estate tax. we just learned the identity of the second big powerball winner from a wealthy neighborhood in phoenix. his name is matthew good. it is g

cost cuts that he's looking for from obama. obama's just trying to negotiate. so i don't even know why he spoke today. maybe to throw some cold water on the notion or maybe throw hope. we don't know. the point is ignore the headlines. let's just -- just invest for longer term. >> josh, what do you make of the 100-point move we're seeing in the dow today? it is the fifth straight session that the dow has been higher. we haven't had a stretch like that since march. >> scott, bank of america merrill lynch is out with a report today. they look at fund flows. what they've seen is something remarkable. individuals have been selling. but institutions and he think funds have been net buyers for the last four week institutions have bought an average of $300 million in net worth of stock. what that's telling you is that they're way more concerned with getting in position for next year and whatever the fed's going to do. tomorrow it's widely expected bernanke's going to announce some kind of a transaction in which he buys basically $650 billion worth of mds. another $500 billion in treasuries

with geithner. he told cnbc that instead of continuing tax breaks for the wealthy, the obama administration is willing to go over this cliff which means they're willing to let your taxes go up and unemployment checks go away massive spending cuts happen if the pentagon instead of continuing the tax breaks for the wealthy. now there's been very little progress here on chiapitol hill which is why so many have gone home. we know that president obama and john boehner spoke by phone. republican sources telling us they had a conversation yesterday. we don't have a readout on what that was about. we don't know that if any meetings have been scheduled. but any small sign of progress is welcome here on capitol hill. now with so many lawmakers headed home and likely to face the ire of their constituents, we saw one protester in baltimore yesterday over social security. there are a few left. today there's a joint economic committee hearing. they're going to hear from a top economist not only about the jobs numbers coming out tomorrow but also about what can be done to avoid this issue a

the 2%, 2.5% that we lost in the bottom line and obama care hitting us by 19.5%. our costs are going to go up 19.5% next year, so we believe, we'll probably have to cut two or three people just to overcome the extra cost that's going to hit our business in 2013 so we've got obama care going through. we're going to take on half that cost and pass half of that on to our employees. think about that. that means that our middle class employees are going to see that increase in their health care costs next year. >> right. >> howard dean was just on with steve forbes, and howard dean's feeling is, look, we've got to solve this problem of the deficit somehow. we can't keep kicking the can down the road. >> bill, we can't. >> and there needs to be a shared burden for everybody. that would be your burden that you just identified, right? >> well, no doubt. we've got to share it across but think what everybody is talking about, personal income taxes. that's the topic of the day. we've got to raise personal income taxes. what does that do? does that go after warren buffett? warren buffett says he

. thanks, gentlemen. liz: only three weeks before tax hikes and spinning cuts will take place the fiscal deal is not reached. david: the president and the house speaker meeting. president obama changing his tone a little bit mentioning compromise. peter barnes in washington with the latest. they were saying we believe actions, we have heard so much chatter, we can't really bet on that. >> right now we're just hearing chatter. the president speaks to senate democratic leader harry reid, we have learned. meeting yesterday at the white house with a speaker banner an in a speech in detroia couple of hours go the president extended little olive branch to the republicans. >> i have said i would work with republicans on a plan for economic growth, job creation and reducing our deficits. and some compromise between democrats and republicans, i understand people have a lot of different views, i'm willing to compromise a little bit. >> i spoke to an aide to one top republican leader who was a little bit upset by the comment the president would be willing to compromise a little bit. the whit

cuts for the upper income groups. let it fail in the senate and then obama owns this economy and then 2014, larry, we've been around a long time, 2014 is not that far away, and then we take the country back and provide the prosperity that these guys have deprived us of and that's what's really necessary. but it's crazy. >> art laffer, thank you very much. now, why are conservatives being purged by the republican leadership? this is a most peculiar and damaging story. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial lea

entitlement reform or nothing to speak of. no discussion of spending cuts. obama wants even more spending increases. and a lot of republicans, conservatives, are saying you know what? we don't want a tax hike at all. we give boehner credit but we don't want a tax hike. this is not the time. it's a very anemic economy. let's just let the democrats have their tax hike and we'll be done with it. other than that, jimmy, i don't think this thing gets done. that's what i'm coming around to. >> well, i think that there's a chance to that. a chance for that to happen in the scenario that you just described. but i don't think that is what happens. frankly, i think with the vice president saying today that the issue of whether the top rate is 39.6 or 37 it's really doesn't matter. that was a huge olive branch as our colleague just said. this is a signal, a smoke signal like a vatican smoke signal sent from the administration to speaker boehner today. >> but that's been out there before. >> i understand that. >> there's only a handful of republicans, what are you going to get, a percentage

vote on extending the tax cuts for the bottom 98%. the vast majority of us. and congress could do it. the senate already passed it. president obama said that he is willing to sign it. so that would be one way to just sort of get some of this panic out of the way and let people deliberate and make some really good choices when we come back in january. >> i want to bottom line it very quickly with jared. i'm going to make you squirm, jared. >> god luck. >>maker the argument for going over it. you have to argue for it. go over the whole thing. what would it be? get our aaa back? >> that may be the only way we can get a responsible fiscal deal. and if that deal begins to take shape in late december, the only way to resolve the cliff may be to temporarily go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play righ

obama wants tax increases but is resistant to spending cuts. the president is optimistic about a deal but acknowledges it's a work in progress. in public opinion, a poll from the pew research center 55% say the president is making a serious effort to reach a agreement. 32% of republican leaders. mike, we're hearing frustration from republicans but the breaking news, 5:00 p.m. east coast time these two getting together again. >> this is critical a 5:00 meeting at the white house between the president and speaker, the two key figures in trying to hammer out a deal. the republicans were trying to make the point spending is the nature of the government's problem, not tax revenue. they prepared a chart showing spending is expected to increase from now to 2041 while tax revenue is expected to hold consistent. so at one point today the speaker of the house sounded like he was kind of tired of answering hypothetical questions. >> ifs and and and butts are like candy and nuts. if that's the case, every day would be christmas. my goal is to get to an agreement with the president that addresses

and congress to find a way to avoid tax increases and spending cuts is 25 days away. president obama made a special point to sit with a middle class family in virginia this afternoon. he was trying to offer an example of who would be hurt by the republican tax proposal. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem gives the sense of the costs involved in very personal terms. >> republicans are standing behind their counter-offer to chose tax loopholes and limit some deductions. they say the president needs to deliver a new plan that they can agree on and soon. it's also important to note that congress is scheduled to adjourn december 21st and the president is supposed to be headed to hawaii for vacation on december 17. >>> after doing some downsizing starbucks is back to brewing up some expansion plans and that includes another san francisco store. at market and sanchez. cbs 5 reporter mike sugerman tells us some small businesses in that area are trying to grind that plan to a halt. >> reporter: there are 85 s

>> passing middle income tax holding them hostage from tax cuts for the rich. >> president obama also tried to pin a negotiating tactic on republicans, saying congress can't tie >> i will not play that >> it's a sign the two sides have a lot to discuss---once they decide to do so. emily schmidt, kron4 news >> it appears americans don't mind sharing opinions.. even on things that don't exist. a recent poll by public policy polling found 25- percent of americans took a stance on a phony debt reduction policy called the "panetta-burns plan." the proposal was dreamed up by pollers to test how many people would speak on something they clearly don't know anything about. eight-percent of those polled supported the mythical plan and 17-percent opposed it. in contrast, 39-percent of voters were willing to share their thoughts about the "simpson-bowles" deficit reduction plan... a real policy up for debate in congress. 4:4:02 a.m. we will be right back. this live look from walnut creek. 4:42 all fresh & e z could be closing the stores -- fresh and the ec could be closing easy.... >> welcome bac

support for mr. obama's plan in the poll 48% want the tax cuts on incomes exceeding quarter million dollars a year to expire in january while continuing them for everyone else. 32% want to renew the tax cuts for everyone. findings seem to strengthen the president's hand in his negotiations >> recall alert for parents from 7 on your side. government is taking action against makers of nap nanny, a portable baby recliner, after five infanned -- five infant deaths. the nap nanny poses risk of injury and death to infants. the commission says it is a dangerous product with a faulty sign. coming up on "good morning america" at 7:00, why the makers are refusing to pull its product. >>> this afternoon cal will hold a news conference to introduce the bear's new coach, sonny dykes has hired yesterday to rebill the program he leaves louisiana tech after three seasons. this year -- his bulldogs led the nation in scoring. he runs spread offense expected to bring exciting football to berkeley he has previous experience in pac 12 as assistant at arizona. >>> still ahead, same-sex marriage is now le

quoting him now, if we're able to stop obama on this, it will be his waterloo. it will break him. think about that. >> jim demint is cutting and running. john boehner is in a box. grover norquist near oblivion. karl rove benched on fox news. and the real action of barack obama has sent the republican party into total disarray. >> that's what i'm talking about. >> congressman jim clyburn of south carolina and eugene robinson on the latest republican fiasco. >>> plus, congressman chris van hollen on john boehner's latest concession on the fiscal cliff. michael eric dyson and donna gentile-o'donnell on the political fallout. howard dean on chris christie's big decision on the obama care exchange. and apple's ceo breaks big news to nbc's brian williams. >> next year, we will do one of our existing mac lines in the united states. >> tonight, a story of economic patriotism in an era of bain capital with e.j. dionne. good to have you with us tonight, folks. thanks for watching. the reality of the election is start to set in on members of the republican party. republican senator jim demint of s

house demanding tax hikes on the top 2%. president obama lowered the amount from 1.6 to $1.4 trillion. that's not good enough for the republicans holding out for cuts to programs like social security. congressional leaders warn lawmakers not to make holiday travel plans. they will work to the last minute. >>> it's been a busy morning for all things business. >> certainly. he has plenty of new numbers from washington and some new maps from apple and this would be jason brooks with kcbs and cbsmoneywatch.com. good morning. >> good morning. >> reporter: and we have some decent news on the economy but that's largely being overshadowed by the "fiscal cliff" talks. a lot of worries on wall street if an agreement can't be reached by the end of the year. but as far as of the economy goes, decent news especially on the job market. the labor department reporting that first time unemployment claims fell by 29,000 to 343,000 the lowest level in two months and the second lowest level of the year. it suggests hiring is outpacing firing. the four-week average down to 381,000, still an effect from sa

but only 71 with enough swag to make the cut. here's the top ten led by the second-year running, president barack obama. the highest ranking female, angela merkel. then mr. putin of russia. bill gates, pope benedict, ben bernanke, saudi king. more on how the list was assembled and other details, forbes media ceo, mike, thanks for being with us. >> this is important to us because nothing personifies what we do at forbes like our power list. we're about success and the impact of people who achieve success have. we have ten editors who get together. we draw on a huge bank -- >> they always agree on everything. don't they? >> exactly. there is some subjectivity, i must admit. they talk about the number of people that someone influences. the amount of financial resources that they have. how many spheres they operate in, are they just financial or are tle political or philanthropic. the fourth criteria is do they act on their power, do they use their power. and if you look at -- >> that's the reason why bill gates would rank so high here is how he has used some of his financial power

, in fact, giving him flexibility to cut a fiscal cliff deal. the first read team is asking the question how big of a deal will we see? governor christie meets with president obama this time at the white house, and it is just one of the things we thought you should know. be sure to check out our "news nation" tumblr page. you find behind the scenes pictures, and thank you for checking it out and liking our pictures. ♪ ♪ [ male announcer ] campbell's green bean casserole. it's amazing what soup can do we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. [ man thinking ] oh, this gas. those antacids aren't working. oh no, not that, not here! [ male announcer ] antacids don't relieve gas. gas-x is design

time for dennis and cheryl. some traders complain when president obama speaks the stock drops. the dow up 95. dagen: we just trademarked it, thank you. dennis: i am dennis kneale. cheryl: i'm cheryl casone. citigroup stock up. more cuts could be coming. dennis: friendly fire for housepainter. he is caving in to the president. we will talk to one of them straight ahead. cheryl: order a new tv on your phone, have it delivered that day. ebay launching a same-day delivery business. dennis: fedex, eat your heart out. nicole petallides at the new york stock exchange. the dow up despite the fiscal cliff phobia. nicole: we have been selling off for a couple of days. the dow down 75 points. we had a little bit of room to snap back and move to the upside. the vix fear index has moved lower at the moment. moving things along as well. watching the banking index and the drug index with a perilous. the nasdaq composite still cannot squeeze out a gain. the dow has significantly improved up three quarters of 1%. i wanted to take a look at one of the bank stocks, citigroup streamlining and cutting

interest deduction perhaps no longer the sacred cow. it is on the table for cuts to avoid going over that cliff. joining me with the take on how this affects you and the housing market overall is they're serious about that at this point. both candidates, president obama and mitt romney were not willing to address it in the debate. now it is on the table. what do you think our viewers should know. >> we have been talking about mortgage interest deduction back through the campaign but they're getting more specific for one possibility, the amount will be capped instead of 1 million or the rate at which mortgage could be deducted would be lower than the top marginal tax rate. cheryl: let's say i am deducting $100 so at this point it is thirty-five dollars but my deduction will be 28. >> one option, instead of being able to deduct $35 for every $100 of interest it might be $28. that is one option. cheryl: one third of filers in this country itemized deduction, a big piece of that is the mortgage interest deduction. half of those that use the mortgage interest deduction filers of the bigge

. if it's acceptable -- if john boehner and barack obama cut a deal, it will pass the senate and the house no matter what nancy pelosi wants. >> i disagree with that. >> we have agreed so far on almost everything so. >> not here to necessarily agree. >> not 95, '96, gingrich who could dictate. if john boehner did which was walk into the caucus and say accept this or i am leaving, they will say bye. same thing with obama. the democratic caucus thinks they have the leverage >> bill: 20 minutes. here stan collender lendcollender. i am going to ask you about apple announcing that they are going to have a whole new line of computer manufacturing in the united states and what that means leading up to the job numbers at the bottom of the hour. "full-court press," friday december 7th. >> this is the if you recall court press. , the bill res show live on your radio and on current t.v. street, destruction of medicare and medicaid. there are real issues here. having been a governor, i know that trade-offs are tough. things everyday exploding around the world that leave no shortage for exciting

that's what w. and his crowd did. i want president obama to do what he's already doing, from the looks of things, get this deal done right and get it done on time. he knows fail to cut this on schedule is a risk of unclear dimension. nobody knows, i don't, how bad the whirlwinds will be if he we fail to do this on time. one thing for certain, no guarantee that a huge drop in faith of the world economic markets will be followed by a quick rebound. as i said, this is a real cliff, not a bungee jump. that's "hardball" for now. thanks for being with us. "the ed show" with ed schultz starts right now. >>> good evening, americans, welcome to "the ed show" from new york. senator jim demint has met his waterloo. this is "the ed show." let's get to work. >> one republican senator said, i'm quoting him now, if we're able to stop obama on this, it will be his waterloo. it will break him. think about that. >> jim demint is cutting and running. john boehner is in a box. grover norquist near oblivion. karl rove benched on fox news. and the real action of barack obama has sent the republican pa

bit players until there's a deal. that looks more complicated until mr. obama demanded republicans raise the debt ceiling this month without any spending cut strings attached. >> if congress in any way suggests they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again as part of a budget negotiation, i will not play that game. because we've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do around here, ever, comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a non-starter for those of us who do. >> reporter: public opinion generally is on the president's side, but republicans in the house are not paralyzed or perilous, more unified behind speaker boehner than a year ago. why is this imp

tax cuts to all but the top 2 percent of earners. obama will be visiting the northern virginia home of tiffany and richard santana. the president says that every day that passes without a solution to the fiscal problem creates more stress and uncertainty for american families. the santana's say that the tax increase would amount to two months' rent or their family. >> a new poll for the associated press vice president about approval ratings are high but americans are divided on what kind of president he has bed. obama approval rating stands at 57%, the highest since the raid that killed osama bin live in. 37 percent say obama has been above average are outstanding while 26 percent say he's been below average. another 25 percent say he's just average. >> the 2012 presidential election has become the most expensive in history. the election of the 2 million billion dollar mark in its final weeks. mitt romney raised nearly $86 million in fund raising in the elections last weeks. the final push brought the romney campaign total to more than $1 billion. final totals for present obama as r

is part of an effort to cut costs by 1.7 billion dollars per year. fedex stock, no change, 88 bucks a share. now joining the company from chicago is our next guest. the headline for the day is president obama has drawn a line in the sand, he says there isn't a deal on the fiscal cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we never discuss spending. so from this standpoint, the left is absolutely winning this argument, because that's what you and i are talking about right now, tax revenue. there is not a revenue story. -- this is not a revenue story. it is a spending story. >> thank you, you are right sir, yet again. thank you very much indeed. let's

. put me on the team. i just did a lot of cuts that mean nothing. boy, how much did i save us over ten year. >>> thank you, rick. more santelli in the third hour. >>> still ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before the business roundtable. we'll bring that to you live in just a few minutes. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ >>> with the internet streaming space, hey, there melissa, we're looking at netflix bouncing around based on comments from the chief content cipher but the stock took a bit of a hit when he said that netflix has to plans to cover the costs of the disney deal. nevertheless causing the stock to come off the best levels of the day. back to you, carl. >>> the p

," president obama's senior adviser cut off his mustache for a good cause, agreed to shave after raising more than a million dollars for epilepsy research. his wife runs a nonprofit organization dedicated to that cause. their oldest son has epilepsy. i think david looks good. >> a man can go without a mustache, but certainly a worthy cause for him to give it up. >> that mustache is older than i am, charlie. >> i won't ask. >>> it is hard to imagine why anyone would confess to a crime that they would not commit, but it does happen a lot, especially in chicago. this sunday, "60 minutes" looks why this city has seen twice as many false confession cases as any other. byron pitts interviewed one man after being exonerated after spending 15 years in prison. >> 17, still in high school, never been in serious trouble when another teenager from his neighborhood implicated him, vincent, michael and harold in the rape and murder of a 30-year-old prostitute named nina glover. >> did anyone ask you, did you murder this woman? >> that was the first thing they said. rape and beat who? nina -- i don't know n

, according to this poll, the people are saying, yes, go ahead, cut entitlements and say that obama has a mandate, among those that did not vote for obama, they have -- that they say that there is a mandate of obama to actually raise the taxes on top earners. >> i think a mandate do both. the fed -- a lot of people blame the fed for everything, seems a little ludicrous, what the fed is saying, listen, guys, compromise and if you don't, you got to expect stocks to go down. consumer confidence coming down, small business coming down, compromise or else here is the future. the future is lower stock market. >> right. >> so i think that there is a -- there is a very funny thing going on. we have rich people coming down to washington saying, listen, we will take our taxes but got to give a compromise. there's this curious where's tim geithner with specific doubts really get this thing going? what do they come up with? what did eamon javers come up with the other day? raise taxes a little less than you thought. he comes out and says, listen, medicare, make it this new able. we'd deal. but it's

don't want to include spending cuts and president obama doesn't think he needs to. if we go over the cliff other polls suggest republicans will get the blame. they have most of the leverage, therefore we don't get to a compromise or a deal. one calf national, republicans recognized this lack of leverage. they looked into 2013 and see a couple months in we have a debt ceiling deal. if we don't do a compromise now we're going to hold you during that debt ceiling debate and get spending cuts out of you then and president obama does not want to relive that 2011 catastrophe, chaos. >> roland, before you go, i didn't hear anything, it was all, it sounded like charlie brown to me after i heard you say roland's right. i don't know if i've ever heard you utter those words, will cain. >> actually he often says that. this is not a shocker. it's not breaking news and exclusive. it happens a lot. >> it's a just in, but go ahead, what were you saying? >> here's the deal, first of all for the audience, we talk about the fiscal cliff, it involves three things. first of all it deals with the bush tax

california defense department jobs that could be lost if automatic trick -- automatic tax cuts are formed. >>> bill clinton says he's not sure if hillary clinton will run for president. she said she does not want to continue a secretary of state for president obama's second term. she said she wants to focus on issues to -- that are important to women. >>> let's see what tara is seeing on 880. >> we have a lot of traffic on pinole and then past the golden gate gate. we're in berkeley/emeryville. we have a traffic issue in here. 280, northbound towards santa clara, looking pretty bad. give yourself extra time. let's check in with steve. >>> tara, thank you. there's definitely some breaks in the clouds. jive seen gusts to 25 miles per hour. i dent think this -- i've seen gusts to 25 miles per hour. i don't think this -- this breeze can helpster things up a little bit. still some low clouds around. i'm seeing breaks in the clouds for san jose. kind of a cooler pattern with the northwest wind. mostly sunny, though, today, no rain except we're done for a while. in fact, as the pattern changes h

american people want us to fight to cut spending. it is a fight we are happy to have. >> a house aide said president obama and house speaker john boehner spoke on3 the phone yesterday afternoon, their first conversation a week and since republicans offered $800 billion in new tax revenue and more than a trillion dollars in spending cuts, republicans say they're still waiting on a counter offer from the white house. lori: i wonder if they're talking football. >> it got messy. melissa: the house may be sending the members home t for e president seems to think if they got down to business, it is an easy fix. melissa: we can probably solve this in about a week. melissa: piece of cake. he thinks it is too late to get anything done before the end of the year as both sides are too far apart on key issues. joining us now, financial economist at jefferies. we think it is too late, we're going over the cliff. how come? >> not enough time to address all the issues that need to be addressed. especially they will talk o on a phone only once per week. it has been some progress on the tax cut side i

. dana bash for me on the phone, senior congressional correspondent. >>> president obama taking the pr on the road to visit with a middle class family in northern virginia this afternoon and push to preserve the middle class tax cut if the president and congress can't reach a deal you know the story. tax rates for the middle class and everyone else will go up the first of next year. meanwhile, senate minority leader mitch mcconnell prevented a simple majority vote to give the president unilateral power to raise the u.s. debt limit. senator mcconnell is demanding 60 senate votes for passage. president obama pushed for the power transfer in a most recent and main proposal last week on the fiscal cliff. >>> now no john mcafee. the millionaire software guru wanted in questioning in the neighbor's murder in belize. maybe you heard mcafee. got arrested in guatemala overnight. shouldn't come as much of a surprise here. the whole time supposedly on the run, he was handing out tv interviews like candy. but listen to this. now the mcafee is in jail, he is blogging from behind bars. the story jus

. president obama will need help with another debt ceiling increase in february. experts say republicans will most likely use that as leverage for deeper cuts. over the weekend, more republicans came in and said they believe there will be -- there will need to be tax increases on the wealthy in order for there to be a deal. experts say the line of communications are open. reporting live from washington, d.c., alison burns, ktvu channel 2 news. >> thank you, alison. >>> the number 47 seems to follow, mitt romney -- seems to follow mitt romney. a new poll shows that 47% of americans viewed romney and his former running mate, paul ryan, favorably. in the final tally, romney won 47% of the popular vote in the presidential election. all of this comments romney's comment to donors that 47% of the nation would never vote for them because they are too dependent on government services. >>> north korea just extended the launch period for a controversial rocket launch. now, the u.s. believes north korea uses launches like this to test technology for missiles that could be used to hit the u.s. but north

president obama taking his battle to extend tax cuts for the middle class into the heart of the middle class suburb today. he visited a family just outside washington, d.c., using their story to dramatize what will happen in just 26 days if he and congress can't make a deal on the so-called fiscal cliff. a source of great concern for so many people, everyone's taxes will go up, will go up if there's no deal. let's go live to our white house correspondent dan lothian. he's on the scene for us over at the white house. how did it go, dan? >> reporter: well, wolf, we've seen the president do this before in the past whenever he's locked in negotiations with lawmakers. he heads out on the road, either goes to a backyard or sits down around a dinner table to put pressure on congress. that's what he did today when he went to falls church sitting down with the santana family. their parents who also are employed live in the household with them. so if taxes do go up on middle class americans, the overall hit on that household will be $4,000. so they're very concerned, but they were quite happy. t

regulation, obama care, any of that stuff, so fixated on the spending cuts that are coming and the tax increases. that's not going to be an issue for foreign investment? this is still the best place? we can get through all of these -- this regulatory environment, this increase so much and it's going to continue to -- >> look for all the regulatory challenges that we have, we still have the most transparency, the clearest rule of law, the most proven record of succession of power of anywhere in the world. >> yeah. >> so the confidence level can be there. in terms of being fixated on tax increases, i think senators have been very clear about that. the proposed tax increases are actually pretty small in the scope of the overall program that we're talking about. >> let me just, and i appreciate the work, frits, that you and others are doing. i've met with members of the fix the debt coalition and the advocacy that you're providing for a balanced plan. but we've encouraged members of your coalition to do is to impress upon the white house the importance of acountriesing entitlements. the pr